Tax & Related A/C (Premium Plan Only)

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For Singapore and Malaysia Users only (Goods & Services Tax )                

If you are a GST (Goods and Services Tax) registered trader, generally you need to charge GST output tax for all goods and services that you provide to your customer, similarly, you can claim GST input tax for all purchase of goods and services that your suppliers bill you, all at the prevailing rate during the transaction period.

For accounting purposes, input tax account (current asset, herein, denoted as D-G001-1 in the chart of accounts) is separated from output tax (current liabilities, herein, denoted as F-G001-1 in the chart of accounts), and end of each quarter, the cumulative input tax, with a debit total, similarly, the cumulative output tax, with a credit total is reversed out, to a control account D-G002-1 called GST receivable/payable, in the chart of accounts

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Tax fast codes and its related accounts are preset in the system and not available to user access.Please consult our support team for assistance                                            Click here for IRAS e-tax guide

 
Singapore GST Tax code

For In-put tax (Purchases)

With effect from 1st Jan 2019, new tax code for customer accounting will be added, this is in compliance with IRAS Customer Accounting for prescribed goods reporting requirements

 

     For Out-put tax (Sales)

With effect from 1st Jan 2019, new tax code for customer accounting will be added, this is in compliance with IRAS Customer Accounting for prescribed goods reporting requirements

 
In Singapore, Goods and Services Tax was introduced in April 1994 at a rate of 3% and gradually increased to 7 % effective from July 2007 and beyond for both local sales and local purchases or import purchases

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Related Topics

Supplier Invoice for purchase tax fast code -TX

 

Purchase Journal

 

GL Payment with / without tax

 

GST Report , IAF Format

 

IRAS e-Tax guide GST: General guide for businesses

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As at 8/4/2014 - changed OSP to OP (out-of-scope-purchase)